Wondering where to find new developments and condos in Canmore in 2023? Whether you’re looking for a new home, a new vacation residence, or an Airbnb investment property, new builds can be an attractive option. The small mountain communities of Canmore, Banff, Dead Man’s Flats and Harvie Heights only have so much room to grow, though.
If you’ve ever visited Canmore, you understand the feeling of breathing in fresh mountain air and having amazing activities just outside your door. This is one of the reasons why it’s such an attractive place to live or visit! The mountains and parks that surround us also limit the amount of space to expand, and there is little room left to develop. Canmore is only about 5500 dwellings – making our real estate market very small and often tight.
I always stress to my clients, particularly from Calgary, Edmonton, Toronto and Vancouver: Canmore isn’t a massive metropolis with hundreds of projects announced annually. Sure – when you drive around, it can seem like a lot of construction is going on in some places. But many of these projects were announced years ago, sold privately, and are only in the long process of being built. Some are commercial or public works that are not available for purchase. In reality, we only see 1-3 projects being announced each year.
Today, lets take a look at some places where new developments and densification are happening in Canmore & Area. As always, feel free to reach out to me if you have any questions at all. The new construction and resale property landscape can be difficult to assess and it always helps to have a qualified agent in your corner. I’m here to help!
If you’ve ever been on a long home hunt, you know that new home feeling. Compared to some of the resale properties you may have seen, new properties just feel so fresh. When you purchase a new property, no one else has ever lived there. New properties are clean, and tend to be very functional as the work to complete them has just been done.
Most new build properties in Canmore follow current architectural trends and feature modern styling. Larger windows, more connected living, and a bigger footprint for outdoor space are the items of the day for most new properties. New homes and condos will often take advantage of more modern technology, offering improved energy efficiency and features not available in the past.
Many new construction properties in Alberta also come with a comprehensive warranty. This is often provided by the builder via the Alberta New Home Warranty Program.
In a tight real estate market like ours, there are often very few options for new builds. A lot of the options below may already be long sold out, as builders are under no obligation to disclose how many units remain (if any). This can make for a difficult process and often I find a lot of clients being let down if they don’t get a new property.
OK – now that we know a bit more about the pros and cons of new-built properties, where can we find some of the recent developments in Canmore and the surrounding area?
This highly contested area has really grown a lot in recent years! Looking beyond the headlines, there are some condo projects coming online here in the coming 1-3 years. These include the Ridgeview, the Bridges I and the Bridges II. Some lots remain for single-family homes to be built, and resale prices for detached homes here are in the $2M+ range. Much of the Stewart Creek area remains un-landscaped and in progress.
While this area represents the most opportunity for growth in Canmore, much of it remains a big “question mark” until issues between the Town of Canmore, the Province and the Developer are resolved… Until this happens, new developments are currently the larger (and largely sold) ones above, and sporadic custom homes for those who can afford the price tag.
In fall 2020, the Town of Canmore approved an application for subdivision on blocks 3 & 10 in the Silvertip Resort Area. Block 3 added 18 new lots, one spa/resort amenity lot, and 17 resort (commercial) accommodation lots. Block 10 created a residential neighbourhood with 24 duplex lots, 34 detached dwellings, as well as municipal and environmental reserve lots.
Silvertip announced Mountain Tranquility Place as the neighbourhood for this area. Lots will be in the $900K-$1.6M range, with the average sale price so far around $1.2M according to this news piece. It’s important to note that this is likely just land sales alone; the final price tag for a completed residence would be much higher. Resort accommodations are also in the works, though specific plans have yet to be announced. There is no doubt in my mind that the construction and quality of this area will be top-notch, as Silvertip has proven with past builds in this stunning area!
I’ve written extensively on Spring Creek in my separate post here. This gorgeous area is a favourite for walkers and is a one-of-a-kind community in the Rockies. The Spring Creek interactive development map can be viewed here, which is a great resource for understanding the area. At the moment, Timberstone Lodge, The Arnica Lodge, and the Tamarack Streamside Villas (townhomes) are underway – and sold out! Look for Mountain Lynx Lodge to be announced in Fall 2023 (or later) as their next project for sale.
Downtown and “South Canmore” is a familiar place for many walkers and visitors to our beautiful town. While we have seen larger projects here (such as Seven & Seventh), typical development consists of old single-family lots being densified. This means tearing down an old home on a large lot, and using the space for fourplex or duplex townhomes. These can be hard to come by (and many are sold privately by the builders themselves). Opportunities do arise though and these can be a great investment as a primary or secondary residence.
These are a hot commodity in Canmore! Nightly rental units, or visitor accommodation units, are a major piece of the real estate picture in our area. These properties can make a great investment for generating Airbnb rental income, and can also be the perfect vacation spot for your family that you can rent while not in use.
Unfortunately, these tend to be the developments where it is hardest to get a presale unit. Often, units go to repeat cash buyers and large investors buying multiple units. Builders use processes that allow them to pick which buyers they think will be the best to work with, with the goal to sell basically every unit before ground is even broken. Not all builders take this approach, and it’s possible to get a unit. But it’s important to be realistic about the process and the odds.
Most recent launched properties in 2022 included Ascent and Cascade, and in Summer 2023 we should see the launch for Rundle Park. There are also units remaining at Golden Ridge and Memory Lodge, as of this writing. Feel free to reach out to me for more information on these new Canmore developments in 2023 and what units may be remaining!
Dead Man’s Flats and Harvie Heights are small hamlets, located to the East and West of Canmore, respectively. Harvie Heights is closest to Banff, and is primarily made up of historical cabins and homes on septic and well. This charming area is popular for folks searching for a more rustic mountain home experience, who aren’t afraid to put in a bit of elbow grease. Dead Man’s Flats has “more room to run” in my opinion; this area is fully serviced and offers some commercial options, such as gas stations and even a restaurant. Typically Dead Man’s flats has been seen as a more affordable option for locals to have a newer home and commute in to Canmore and Banff.
Harvie Heights will be welcoming the new development of Skyridge, a visitor accommodation project, just off of the Trans-Canada Highway. While the build is looking to be very nice, the location may be a bit busy with traffic due to the proximity to the highway. Distance to cleaners, amenities and restaurants may also be a consideration for prospective owners. In Dead Man’s Flats, the 107-unit SparrowHawk Lodge is under construction, with completion slated for 2024-2025. The location for this build is excellent, but at the moment, there are no units available. My hunch is that the builder has held back some units to hedge for price increases in the future, and we may see some come to market in the coming months.
New developments in Canmore for 2023 can be a great opportunity. With any opportunity however, comes risk. Often with a new development, you trade time during a build for the potential to have a property increase in value before you take possession. You also will ideally have a quality property, free from the baggage of pervious owners and history. With a resale property, you can buy a real property that can been seen and felt – giving you confidence in what could be one of the largest purchases of your life. Depending on your risk tolerance and real estate experience, either a resale or a new construction property could be an option for you.
If you’d like to get unbiased advice on the Canmore real estate market from an experienced agent, feel free to reach out to me via text, call or email. No question is too small, and I do not represent the Builders or Sellers for any of the properties above. When I work with Buyers as my clients, I operate in a fiduciary capacity, and am bound to work only in your best interests. That means I want to see you get the most out of your property here in Canmore and your happiness is my ultimate goal.